Trump's latest trade threat would hit U.S. consumers hard
The Trump administration’s 10% tariff on $200 billion in Chinese imports has been a nuisance, with many U.S. businesses absorbing the cost or working around it.
The tariff would affect nearly 6,000 products and parts, including many consumer items such as furniture, clothing, electronics, handbags, luggage, hardware, shampoo, perfume, dishes, bedsheets, bicycles, meat and cereal. New-vehicle prices also could rise as parts from China become more expensive, Bank of America Merrill Lynch auto analyst John Murphy said in a research note Monday.
All told, the 25% tariff on the $200 billion in Chinese imports, along with existing duties on $50 billion in Chinese shipments and on steel and aluminum, would reduce U.S. employment by 934,000 and cost the average family of four $767 a year, according to a study by the Trade Partnership. Trump’s threatened 25% tariff would make up a significant portion of that toll.
So far, retailers, especially large ones, have dealt with the tariffs through various strategies, French says. They've convinced Chinese suppliers to trim costs, imported a big stockpile of goods before the duties took effect, spread the added fees across many products to the minimize the impact, and absorbed some of the expenses, French says.
Bluesalve Partners of Boonton, New Jersey, makes Bluetooth speakers and other products through contractors in China. When the 10% tariff took effect, company Principal Robert Heiblim renegotiated prices with its Chinese suppliers and imported extra products before the 25% duty was slated to take effect early this year. If the 25% levy is enacted, he says, he has sufficient inventory to last a couple of months but then would probably pass about half the 25% tariff to his dealers.
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